Best News Network

A Democrat takes over the F.D.I.C. after a partisan clash.

A Democratic bank regulator, Martin J. Gruenberg, has taken the helm at the Federal Deposit Insurance Corporation after a partisan fight prompted his Republican predecessor to resign.

Mr. Gruenberg became acting chairman of the F.D.I.C. on Saturday after Jelena McWilliams, who was appointed chairman by President Donald J. Trump, stepped down a day earlier.

In a statement laying out policy focuses for the year ahead, Mr. Gruenberg said regulators should carry out a review of bank mergers — the issue that prompted Ms. McWilliams’s exit. The F.D.I.C. is chiefly known for backing consumer deposits but has a hand in overseeing all of the nation’s banks.

“The F.D.I.C.’s core mission is to maintain stability and public confidence in the U.S. financial system,” Mr. Gruenberg wrote. To that end, he said its key priorities would be: reviewing the process of bank mergers, revising the Community Reinvestment Act, addressing the financial risks posed by climate change, providing guidance to banks around managing cryptocurrency assets and finalizing capital rules for banks that were introduced after the 2008 financial crisis.

In December, three Democratic members of the regulator’s board — Mr. Gruenberg, a longtime member; Rohit Chopra, the director of the Consumer Financial Protection Bureau; and Michael J. Hsu, the acting comptroller of the currency — voted over email to request public comment on the issue of bank mergers. Ms. McWilliams blocked those efforts, accusing other board members of trying a “hostile takeover” to wrest control from the head of an agency.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.